Do I Need an Attorney to Review My Contract?

When buying your home, there are a ton of details that you must consider, including what’s in your mortgage contract and whether it should be reviewed by an attorney. Many people feel comfortable looking over the information in their agreement on their own, but others don’t. To help you decide whether getting help in this department is a good idea, let’s look at some reasons that you might seek guidance.

You’re Seeking Financing

While there are a small percentage of people paying for houses in cash, many more take on some type of financing agreement. If you are one of those people who have financed before then you may feel comfortable reading the documentation. However, if this is your first time, you may want to consider having your mortgage contract reviewed by an attorney.

Why, you ask? Because there are often little clauses that lawyers may notice that can make the difference in a good and bad deal. They may be able to point out problems such as the responsibility of removing a leaking oil tank, cleaning up other environmental damages, or other little details you may overlook. Because they are likely to be more knowledgeable than you in this area, it doesn’t hurt to ask for advice.

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Do You Feel Uncomfortable Signing on Your Own?

This reason is actually more of a gut feeling than a written-in-stone determination. If you have looked over your mortgage contract and feel uncomfortable with much of the terminology or numbers being presented to you, it’s a good idea to ask for help.

If buying your home while minimizing the risks of obtaining a bad mortgage contract is highly important then it doesn’t hurt to have the agreement reviewed by an attorney. However, if you think you can go at it on your own, why not give it a shot?

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About the Author

Stacey Bumpus

Stacey Bumpus holds both her Bachelor and Masters degrees in Communications. After spending years in corporate communications, she discovered freelancing was really her cup of tea and fell in love with finding and writing about the latest financial news. Now, providing news and tips about banking, mortgages, taxes (and even logging her own efforts to save for retirement), she’s not only fulfilling her lifelong passion, but also helping others manage their finances responsibly.

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Do I Need an Attorney to Review My Contract?
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